During the past few months, Vectren has been working with Orion Renewable Power Resources, LLC, a joint venture between Orion Renewable Energy Group and MAP®Renewable Energy, to select, secure and eventually develop the Troy, Ind. property.

The solar array will be situated on approximately 300 acres and will consist of about 150,000 solar panels. The array will be mounted on a single-axis tracking system, which enables the panels to automatically pivot to enhance energy generation as the sun’s rays move across the surface of the Earth. The facility, which should be fully operational in the fall of 2020, is expected to generate enough power to meet the needs of more than 11,000 households per year.

“This significant renewable resource will be connected to our system to serve our local customers,” said Carl Chapman, chairman, president and CEO of Vectren. “We are confident First Solar and Orion are the right partners for this scale of a project, which will bring one of the largest single-sited solar farms in the Midwest to southern Indiana.”

Construction will begin after the Indiana Utility Regulatory Commission authorizes the project; a decision is expected in the first half 2019. The initial construction phase will require establishing a sub-station to interconnect with Vectren’s power grid and will begin immediately upon regulatory approval. The construction of the solar array will begin in mid-late 2019.

“First Solar’s expertise in design and construction of solar power plants aligns perfectly with Vectren’s Smart Energy Future strategy. Using our high performance Series 6 thin film modules and a plant design approach tailored to utility ownership values, we will contribute significantly to Vectren’s commitment to deliver clean, reliable and reasonably-priced energy to its customers,” said Eran Mahrer, Vice President – Markets, Origination and Government Affairs for First Solar. “It is exciting to be a part of enabling utility scale solar in Indiana.”

During construction, the project will provide up to 250 jobs, many of which will be union labor.

“Orion wishes to thank the landowners, the Spencer County Council, and the Lincolnland Economic Development Corporation for their support of the project,” said Tim Lasocki, Vice President, Origination and Finance for Orion. “We are pleased to be working with Vectren and First Solar to create a construction-ready project for utility ownership.”

About Vectren

Vectren Corporation (NYSE: VVC) is an energy holding company headquartered in Evansville, Ind. Vectren’s energy delivery subsidiaries provide gas and/or electricity to more than 1 million customers in adjoining service territories that cover nearly two-thirds of Indiana and about 20 percent of Ohio, primarily in the west central area. Vectren’s nonutility subsidiaries and affiliates currently offer energy-related products and services to customers throughout the U.S. These include infrastructure services and energy services. To learn more about Vectren, visit www.vectren.com.

About First Solar, Inc.

First Solar is a leading global provider of comprehensive photovoltaic (PV) solar systems which use its advanced module and system technology. The company’s integrated power plant solutions deliver an economically attractive alternative to fossil-fuel electricity generation today. From raw material sourcing through end-of-life module recycling, First Solar’s renewable energy systems protect and enhance the environment. For more information about First Solar, please visit www.firstsolar.com.

About Orion:

Orion Renewable Energy Group LLC, headquartered in Oakland, California, is a pioneer in the development, finance, construction, and operation of renewable energy projects throughout the United States. Our team has developed over 5,000 Megawatts worldwide. For further information, please visit www.orionrenewables.com.

For First Solar Investors:

This release contains forward-looking statements which are made pursuant to safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements concerning the construction of a 50 MW solar array. These forward-looking statements are often characterized by the use of words such as “estimate,” “expect,” “anticipate,” “project,” “plan,” “intend,” “seek,” “believe,” “forecast,” “foresee,” “likely,” “may,” “should,” “goal,” “target,” “might,” “will,” “could,” “predict,” “continue” and the negative or plural of these words and other comparable terminology. Forward-looking statements are only predictions based on our current expectations and our projections about future events and therefore speak only as of the date of this release. You should not place undue reliance on these forward-looking statements. We undertake no obligation to update any of these forward-looking statements for any reason, whether as a result of new information, future developments or otherwise. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these statements. These factors include, but are not limited to, the matters discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Conditions and Results of Operations” of our most recent Annual Report on Form 10-K and our subsequently filed Quarterly Reports on Form 10-Q, as supplemented by our other filings with the Securities and Exchange Commission.

First Solar (NASDAQ:FSLR) +3.2% premarket after BofA Merrill Lynch upgrades shares to Buy from Neutral with an $83 price target, raised from $75, saying "shares have been stuck but could surge on good news."

First Solar, Inc. (NASDAQ:FSLR) shares were down following the company’s latest quarterly earnings results.

The solar energy company announced first-quarter net income of $82.95 million, or 78 cents per share, which was a considerable improvement compared to its year-ago earnings of $9.13 million, or 9 cents per share. The company’s revenue for the period came in at $567.27 million, declining about 36.4% compared to the year-ago quarter from the $891.79 million from the first quarter of fiscal 2017.

For the full fiscal year, First Solar is projecting adjusted earnings in the range of $1.50 to $1.90 per share, while revenue is slated to be in the range of $2.45 billion to $2.65 billion. The company also announced the addition of a new U.S. Series 6 manufacturing plant, which will be located near an existing facility in northwest Ohio.

The plant will have a nameplate capacity of 1.2GW, with initial production in the facility kicking off in early 2019. The expected capital expenditures of the plant are slated to be around $400 million.

The move will help First Solar create more than 500 new high-quality manufacturing jobs. At the end of the quarter, the company had an ending net cash of $2.4 billion and it has 3.3GW booked in fiscal 2018 year-to-date.

FSLR stock was down about 0.2% after the bell Thursday due to the company’s declining revenue, despite earnings coming in ahead of its year-ago mark.

July 26 (Reuters) - Shares of First Solar Inc fell 6 percent on Thursday after the U.S. solar company reported a surprise quarterly loss and lower-than-expected revenue due to production challenges in its next-generation panel technology.

The company also lowered its gross margin forecast for the year, but stood by its earnings outlook.

First Solar lost $48.5 million, or 46 cents per share, during the second quarter, compared with earnings of $51.9 million, or 50 cents per share, in the same period a year ago. Wall Street analysts had been expecting earnings of 2 cents a share, according to Thomson Reuters I/B/E/S.

Revenue was $309 million, far lower than analysts' average forecast of $503.1 million.

First Solar has been moving to ramp up manufacturing of its so-called Series 6 panels at factories in Ohio, Malaysia and Vietnam. The impact of production challenges is expected to be short term, executives said on a conference call with analysts.

First Solar has benefited from having a technology that is not subject to the 30 percent tariffs imposed by President Donald Trump on solar imports earlier this year. Its panels are made from cadmium telluride, while the tariffs apply only to traditional silicon solar products.

The company's Series 6 product, which is low in cost and more efficient at generating power than its previous products, will be a competitive advantage in the industry, Chief Executive Mark Widmar said on the conference call.

He said changes to China's solar incentive policies had caused "an almost immediate collapse in pricing across the crystalline silicon supply chain" that would lead to greater industry competition but lower solar power prices for customers.

First Solar shares were down 6.3 percent at $50.30 in after-hours trading after closing at $53.67 on the Nasdaq.

Shares of First Solar Inc. (FSLR) fell more than 7% late Thursday after the solar-power company swung to a quarterly loss and revenue fell 50% in the second quarter. First Solar said it lost $49 million, or 46 cents a share, in the quarter, versus earnings of $52 million, or 50 cents a share, a year ago. Sales fell to $309 million from $623 million a year ago. Analysts polled by FactSet had expected an adjusted loss of 3 cents a share on sales of $500 million. The company also narrowed the band for its 2018 revenue guidance, to between $2.5 billion and $2.6 billion, from a previous expectation between $2.45 billion and $2.65 billion. Gross margins for the year are expected to come in between 20.5% and 21.5%, from a prior guidance of 21.5% to 22.5%. First Solar shares had ended the regular trading day down 0.7%.